Latham Hits $7 Billion Revenue Mark, Outpacing Big Law Growth

Latham & Watkins generated $7 billion in revenue in 2024, boosting its top line by 23% during a banner year for the world’s second-largest law firm.

The firm’s average equity partner earned more than $7.1 million, a rise of 29% from the prior year, the firm confirmed in a statement.

Latham’s growth stands out even among a strong year for Big Law firms, which on average grew revenue by 13%, according to data from Wells Fargo’s law firm banking group.

Total profits paid to equity partners, known as net income, rose on average by 17% across the industry, Wells Fargo said. For Latham, that figure was up nearly 32% to more than $4 billion, The American Lawyer reported.

The firm said in a statement it saw “high demand” for virtually all of its practices across transactional and litigation groups.

Across all law firms, Latham’s capital markets practice led the way on work for initial public offerings last year, Bloomberg Law reported in January. The firm’s energy practice, led out of its Houston office and now boasting around $2 billion in revenue on its own, has been a key driver of growth in recent years.

The firm’s public company practice has seen immense growth in recent years. The firm said it now actively advises more than 1,100 public companies and serves as primary counsel on corporate governance and securities matters for more than 400 public companies.

“We’ve built something truly unique at Latham: a vast practice that serves more public company clients than any other firm and offers unmatched experience representing capital providers worldwide,” firm chair and managing partner Rich Trobman said in a statement.

The firm also advised on the second-highest amount of private equity deals by value, according to Bloomberg data.

The firm’s financial results were first reported by The American Lawyer, which said the firm’s equity partner count stood around 553 and its nonequity partner ranks clocked in at 404.

Latham’s lawyer headcount rose nearly 4% to 3,584. Each lawyer generated more than $1.9 million in revenue, up more than 18% from the prior year.